Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Signature Bank (NASDAQ:SBNY) by 128.7% in the fourth quarter, Holdings Channel reports. The fund owned 59,500 shares of the bank’s stock after acquiring an additional 33,483 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Signature Bank were worth $8,050,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in SBNY. Inspire Advisors LLC acquired a new position in shares of Signature Bank in the fourth quarter valued at approximately $30,000. Exchange Traded Concepts LLC bought a new stake in Signature Bank in the 4th quarter valued at $110,000. FIL Ltd boosted its stake in Signature Bank by 256.5% in the 4th quarter. FIL Ltd now owns 1,016 shares of the bank’s stock worth $137,000 after purchasing an additional 731 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in Signature Bank by 10.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,072 shares of the bank’s stock worth $145,000 after purchasing an additional 101 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Signature Bank by 32.7% in the 3rd quarter. Advisors Asset Management Inc. now owns 2,004 shares of the bank’s stock valued at $166,000 after purchasing an additional 494 shares during the period. Institutional investors own 92.31% of the company’s stock.
SBNY has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price objective on Signature Bank from $180.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, February 9th. Credit Suisse Group raised their price target on shares of Signature Bank from $180.00 to $250.00 and gave the stock an “outperform” rating in a research note on Monday, March 15th. Wells Fargo & Company boosted their price objective on shares of Signature Bank from $220.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, March 8th. Maxim Group raised their target price on shares of Signature Bank from $172.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, January 22nd. They noted that the move was a valuation call. Finally, Hovde Group raised shares of Signature Bank from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $125.00 to $195.00 in a research report on Monday, January 25th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Signature Bank presently has a consensus rating of “Buy” and an average price target of $196.88.
Signature Bank (NASDAQ:SBNY) last released its quarterly earnings data on Wednesday, January 20th. The bank reported $3.26 EPS for the quarter, topping the Zacks’ consensus estimate of $2.89 by $0.37. The firm had revenue of $419.17 million during the quarter, compared to analysts’ expectations of $419.44 million. Signature Bank had a net margin of 25.40% and a return on equity of 10.39%. As a group, sell-side analysts predict that Signature Bank will post 9.6 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, February 12th. Investors of record on Monday, February 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Friday, January 29th. Signature Bank’s payout ratio is 20.63%.
About Signature Bank
Signature Bank commercial banking products and services. It accepts various deposit products, including commercial checking accounts, money market accounts, escrow deposit accounts, cash concentration accounts, interest-bearing and non-interest-bearing checking accounts, certificates of deposit, time deposits, and other cash management products.
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